Bill beefing security against foreign ag buys heads to House

Last week, the U.S. House Committee on Financial Services took a significant step forward by advancing a bill aimed at bolstering the oversight of foreign agricultural acquisitions, a move that enjoys support from the National Cattlemen’s Beef Association.

The legislation, known as the Agricultural Security Risk Review Act and introduced by Rep. Frank Lucas (R-OK), seeks to expand the Committee on Foreign Investment in the United States by including the Secretary of Agriculture as one of its members. CFIUS is an interagency committee tasked with assessing the potential national security implications of foreign investments in the United States.

“Cattle producers have been extremely watchful of foreign purchases of farmland, agricultural technology, and other important inputs. Adding the Secretary of Agriculture to CFIUS would provide a critical voice for American farmers and ranchers and ensure that the federal government does not overlook agriculture’s role in national security,” said NCBA Executive Director of Government Affairs Kent Bacus to Drovers. “NCBA thanks Rep. Lucas for leading this effort and we appreciate the House Financial Services Committee’s bipartisan support for this bill.”

CFIUS, currently overseen by the Secretary of the Treasury, is composed of members from several government agencies, including the Department of Justice, Department of Homeland Security, Department of Commerce, Department of Defense, Department of State, Department of Energy, Office of the U.S. Trade Representative, and the Office of Science and Technology Policy.

“Being a permanent member would allow us to educate the other members of CFIUS what to look for and what to be sensitive to when it comes to agriculture and agricultural production,” Agriculture Secretary Tom Vilsack said during a House Agriculture Committee hearing earlier this year.

The committee’s primary responsibility is to evaluate financial and real estate transactions executed by foreign entities when investing in the United States, with the primary objective of preventing investments that could pose national security threats. In cases where CFIUS identifies security concerns, it has the authority to recommend to the President of the United States that investments be suspended or blocked to mitigate these risks.